Japan’s exports to the United States rose for the eighth straight month in August on a year-on-year basis, surging 20.6 percent to 1.069 trillion yen ($10.8 billion), according to preliminary figures released by the Finance Ministry on Sept. 19.
The August jump in U.S.-bound shipments was led by autos, auto parts and organic compounds, which soared 35.8 percent, 19.8 percent and 62.0 percent, respectively, in terms of value.
Japan’s imports from the U.S. rose for the fifth successive month in August on a year-on-year basis, jumping 14.0 percent to 574 billion yen ($5.8 billion). As a result, Japan’s trade surplus with the U.S. expanded for eight months in a row, swelling 29.3 percent from a year earlier to 495 billion yen ($5.0 billion).
The August jump in imports from the U.S. was led by aircraft, liquefied petroleum gas and motors, which soared 31.5 percent, 346.8 percent and 34.2 percent, respectively, in terms of value.
The U.S. is Japan’s second-largest trading partner after China. Japan is now the world’s third-largest economy after the U.S. and China and is heavily dependent on exports for growth.
Japan posted a trade deficit of 960 billion yen ($9.7 billion) with the rest of the world in August, up 25.0 percent from a year earlier, as overall imports grew at a faster pace than overall exports. It was the 14th consecutive monthly trade deficit.
Japan’s overall exports rose for the sixth straight month in August on a year-on-year basis, expanding 14.7 percent to 5.783 trillion yen ($58.4 billion), while its overall imports increased for the 10th successive month, surging 16.0 percent to 6.744 trillion yen ($68.1 billion).
The August jump in Japan’s overall exports was led by autos, organic compounds and mineral fuels, which soared 21.0 percent, 62.7 percent and 42.9 percent, respectively, in terms of value.
The August jump in Japan’s overall imports was led by crude oil, electronic parts, including semiconductors, and clothing and clothing accessories, which ballooned 27.2 percent, 44.1 percent and 21.4 percent, respectively, in terms of value. A weaker yen also pushed up the value of Japan’s overall imports.